This lecture will address the following points:
Background to and rationale for S. 13 A.
Reasonable time – Factors to take into account; How long is “reasonable” in practice ?
Principles and basis of assessment
Practical issues and considerations for the London Market
The use of warranty and indemnity insurance as a way of managing risk in M&A transactions continues to increase.
This talk will look at:
• trends and learnings in relation to underlying warranty claims;
• the way in which W&I insurance is structured;
• innovations in the W&I market; and
• W&I insurance claims.
Our speakers are Richard Wise, a Partner at Addleshaw Goddard LLP, whose insurance practice focuses on the representation of policyholders, and Anka Taylor, Director of Transaction Liability at Aon UK Limited, who as a qualified solicitor had 10 years as a Lloyds’ underwriter and now specialises in placement of M&A related insurance at Aon.
Synopsis to follow…
CPD learning Objectives:
- History of development of aggregation clause in Minimum Terms and Conditions for insurance of solicitors
- Overview of current aggregation clause (clause 2.5)
- Analysis of decisions of Teare J, Court of Appeal and Supreme Court in AIG v Woodman on the meaning of “similar acts or omissions in a series of related matters or transactions” (clause 2.5(a)(iv)).
- Implications for other aggregation clauses.
The London market is increasingly generating new business through delegated authority underwriting, whether by way of binding authorities, broker facilities, lineslips or consortia. This talk will look at:
- the way in which these arrangements are structured,
- the issues of authority, duty of care, and reinsurance,
- the impact of the Insurance Act 2015, and
- the effect of the expiry of the Insurance Block Exemption Regulation on 31 March 2017.
Our speaker is David Kendall, a partner at Cooley (UK) LLP, a member of the BILA Committee, and Visiting Professor in the Centre for Commercial Law Studies, Queen Mary University of London.
On Wednesday 25th January 2017, BILA is jointly hosting a seminar on Collective Redress with the US Chamber Institute for Legal Reform (ILR). Refreshments sponsored by the ILR and Harbour Litigation Funding
Our speaker is Mark Cannon QC leading counsel for the successful appellant insurer in Impact Funding Solutions –v- AIG Europe in the Supreme Court.
Mark has practiced in the fields of insurance and professional liability since joining 4 New Square 30 years ago. He is co-author of Cannon & McGurk on Professional Indemnity Insurance (OUP, 2nd edition 2016).
While the issue before the Supreme Court in Impact Funding Solutions –v- AIG Europe  UKSC 57 was narrow, the decision is of wider importance, both for the construction of insurance policies complying with the SRA Minimum Terms and Conditions for Solicitors and for insurance policies more generally. The majority rejected the insured’s argument that clauses excluding heads of liability from cover should be construed narrowly or contra proferentem and held that they should be given their natural meaning consistent with the purpose of the policy and its heading (“Solicitors Professional Liability”).
“Fraudulent claims – how much has changed in the last six months?”
The summer of 2016 has provided a number of decision on fraudulent claims, including two in the Supreme Court. The Insurance Act 2016 with its provisions on this subject is now in force. The case of Versloot divided opinion not just in the Supreme Court who decided it in July but also in the ranks of lawyers and insurers who pondered its implications. Some saw it as a “fraudster’s charter”; others as a rational step away from the most anomalous aspects of an anachronistic common law rule. The decision gives in one sense a simple answer to the key question posed on appeal, but it raises others, and provides much food for thought for insurance lawyers interested in the conceptual analysis as well as the result. Insurers were more successful in Zurich v Hayward, also concerning fraudulent claims. The talk will consider amongst other issues “what is fraud ?”, “what is a fraudulent claim ?” and what is the relevance of the post contractual duty of utmost good faith.
Our speaker is Richard Lord QC, leading counsel for the successful appellant assured in Versloot. Richard has specialised in commercial litigation and in particular in marine insurance since joining Brick Court Chambers over 30 years ago.
Peter Macdonald Eggers QC of 7 King’s Bench Walk will talk on “Joint and Composite Insurance Policies”; further information to follow.
On the 14th October 2016, BILA is pleased to welcome Professor Rob Merkin QC, University of Exeter; Special Counsel, DLA Piper for his Annual Update on Insurance Law. The Lunchtime Lecture will be held at 1pm in The Old Library, Lloyd’s, 1 Lime Street, London, EC3M 7DQ, courtecy of Lloyd’s of London.
Hosted by the BILA Future Insurance Professional’s Group, in association with the Lloyd’s Market Association
A series of talks giving a unique opportunity to get a ‘client’s eye view’ of how the Industry works
Talk 5: “Lloyd’s and the London Market – with a hint of The City’s History”
Date & time: Monday 3rd October 2016, 9am – 10am (Registration opens at 8.45 a.m.)